The Finance Ministry today defended the appointment of UK Sinha as Sebi Chief and refuted the allegation that rules were changed for the appointment of its chairman and members under corporate pressure.
In an affidavit filed by the Ministry in the Supreme Court, the government submitted Sinha was the unanimous choice of the Search-cum-Selection Committee and no undue favour was shown by it for the post.
"It is also submitted that the Search-cum-Selection Committee, after scrutinising and analyzing the qualifications and experience of the shortlisted candidates, unanimously placed UK Sinha first in the order of merit. It may be stated that the Committee, that had been constituted for the selection of the previous chairman, Sebi, had also placed him first in the order of merit," the affidavit said.